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( MENAFN - GlobeNewsWire - Nasdaq) GEELONG, Australia, Dec. 23, 2024 (GLOBE NEWSWIRE) -- Carbon revolution plc (Nasdaq: CREV) (the "Company"), a Tier 1 OEM supplier and the leading global manufacturer of lightweight advanced technology automotive carbon fiber wheels, today announced that it has reached an agreement with Orion Infrastructure Capital ("OIC") for a further US$25 million financing, which will be released in five tranches, each equal to US$5 million, subject to satisfying certain release conditions. In connection with the release of each of the five tranches of US$5 million, the Company will issue to OIC and the lenders under the US$60 million PIUS loan entered into in May 2023 ("Existing Noteholders"), penny warrants to purchase an aggregate number of shares equal to 5.0% of the Company's shares outstanding. The original US$110 million funding agreement with OIC included the US$70 million previously drawn and provided for up to US$40 million of additional funding by OIC, of which this US$25 million has now been secured. In connection with this further US$25 million, Existing Noteholders have also agreed to release up to US$2 million of existing loan reserves in five equal tranches of US$400,000 concurrent with the five OIC funding tranches. Following this combined US$27 million of additional funding, both OIC and the Existing Noteholders have also agreed to partial payment in kind, in lieu of cash, for certain interest payments. The first of these five funding tranches closed on Friday December 20, 2024. The incremental $25 million of capital, reserve release and changes to interest terms, are intended to support the ongoing liquidity of the business and fund the Company as it works to satisfy the demand from Carbon Revolution's OEM customers. The Company is making substantial investments in capacity and throughput and has a number of new programs entering, or expected to enter, production in the near-term. "OIC continues to be a great funding partner for Carbon Revolution, sharing our vision for our world-leading technology," said Jake Dingle, CEO of Carbon Revolution. "This capital supports the ongoing liquidity of the business and underpins the continued delivery of our production capacity increase and the near-term launch of a number of new OEM programs." "We are firm believers in Carbon Revolution and the transformative impact of their lightweighting value proposition," said Chris Leary, Investment Partner & Head of Infra Equity at OIC. "The progress made by the Company on its capacity investments and increasing the efficiency of its production, as the only company capable of producing carbon fiber wheels at scale, has further demonstrated the unparalleled value to automotive OEMs as they modernize their product portfolios." The terms and conditions of the financing are summarized in the Company's filing with the SEC, which can be accessed here . The Company continues to work diligently to file its Annual Report as promptly as practical to regain compliance with Nasdaq Listing Rule 5250(c)(1) as described here . About Carbon Revolution plc Carbon Revolution plc (Nasdaq: CREV) (the "Company" or "Carbon Revolution") is the parent of Carbon Revolution Pty Ltd, an early-stage growth company which has successfully innovated, commercialized and industrialized the advanced manufacture of carbon fiber wheels for the global automotive industry. The Company has progressed from single prototypes to designing and manufacturing lightweight wheels for cars and SUVs in the high performance, premium and luxury segments, for the world's most prestigious automotive brands. Carbon Revolution is creating a significant and sustainable advanced technology business that supplies its lightweight wheel technology to automotive manufacturers around the world. For more information, visit carbonrev.com . Forward-Looking Statements All statements other than statements of historical facts contained in this communication are forward-looking statements. Forward-looking statements may generally be identified by the use of words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "project," "forecast," "predict," "potential," "seem," "seek," "future," "outlook," "target" or other similar expressions (or the negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the expectation of continued listing of Carbon Revolution's ordinary shares and warrants on Nasdaq, the Company's ability to file its Annual Report and promptly regain compliance with Nasdaq Listing Rule 5250(c)(1), the future financial performance, business strategies, financings and expectations for the Company's business. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of Carbon Revolution's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from such assumptions, and such differences may be material. Many actual events and circumstances are beyond the control of Carbon Revolution. These forward-looking statements are subject to a number of risks and uncertainties, including (i) the ability to maintain the listing of Carbon Revolution's securities on Nasdaq or any other exchange on which such securities may be listed in the future; (ii) the failure to realize the benefits of being listed on a U.S. securities exchange and publicly-traded in the United States; (iii) Carbon Revolution's liquidity, including its ability to pay its obligations and to issue equity, refinance its indebtedness or otherwise obtain financing at all or on acceptable terms, (iv) risks related to its ability to meet financial covenants and other key covenants under existing financing arrangements or to obtain waivers or forbearance from compliance with such covenants, which could result in the acceleration of outstanding indebtedness, (v) changes in domestic and foreign business, market, financial, political and legal conditions; (vi) risks related to the rollout of Carbon Revolution's business strategy and the timing of expected business milestones; (vii) the effects of competition on Carbon Revolution's future business and the ability of the combined company to grow and manage growth, establish and maintain relationships with customers and retain its management and key employees; (viii) risks related to domestic and international political and macroeconomic uncertainty, including the Russia-Ukraine and conflicts in the Middle East; (ix) the outcome of any legal proceedings that may be instituted against Carbon Revolution; (x) the impact of pandemic and governmental responses on any of the foregoing risks; (xi) risks related to Carbon Revolution's industry; (xii) changes in laws and regulations; and (xiii) those factors discussed in the documents Carbon Revolution filed with the SEC, including the Shell Company Report on Form 20-F. If any of these risks materialize or Carbon Revolution's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Carbon Revolution does not presently know or that Carbon Revolution currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Carbon Revolution's expectations, plans or forecasts of future events and views as of the date of this communication. Carbon Revolution anticipates that subsequent events and developments will cause Carbon Revolution's assessments to change. However, while Carbon Revolution may elect to update these forward-looking statements at some point in the future, Carbon Revolution specifically disclaims any obligation to do so, unless required by applicable law. These forward-looking statements should not be relied upon as representing Carbon Revolution's assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements. For further information, please contact: Investors ... Media ... MENAFN23122024004107003653ID1109025217 Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.Turkey: Akar’s provocative statements – “God willing, one day our soldiers will swim to Kastellorizo”
November 27 - Alabama A&M linebacker Medrick Burnett Jr. died Tuesday night due to a head injury sustained exactly one month earlier in a game against Alabama State. He was 20. Alabama A&M announced Burnett's death on Wednesday. "Today, our Bulldog family is heartbroken by the loss of Medrick Burnett Jr.," Alabama A&M athletic director Dr. Paul A. Bryant said in a statement. "Medrick was more than an exceptional athlete; he was a remarkable young man whose positive energy, leadership, and compassion left an indelible mark on everyone who knew him. While words cannot adequately express our grief, we are humbled by the strength of his family, who stood by his side throughout this unimaginable ordeal. "We extend our deepest condolences and prayers to Medrick's parents, siblings, and loved ones. We also offer our heartfelt support to his teammates, coaches, and the entire Alabama A&M community who are mourning this loss. In this moment of sorrow, we come together to honor Medrick's legacy and celebrate the light he brought to our lives." According to a GoFundMe page from his sister, Dominece James, Burnett was injured in a head-to-head collision in the 27-19 loss against Alabama State in the Magic City Classic at Birmingham. She displayed a hospital picture showing her brother heavily inundated with tubes and other equipment. James said her brother had severe brain swelling and bleeding. WAFF-TV in Huntsville, Ala., displayed a video of the play in which he was hurt, though it is unclear exactly how he was injured so severely. The footage also showed Burnett being taken off the field on a stretcher. Burnett gave a thumbs-up to the crowd while being wheeled off. According to the station, Burnett's condition worsened in the days following the game. Burnett, a redshirt freshman from Lakewood, Calif., had five tackles in seven games this season. He was a transfer from Grambling State. Alabama A&M (6-5) is scheduled to play at Florida A&M on Friday. --Field Level Media Our Standards: The Thomson Reuters Trust Principles. , opens new tabKUWAIT CITY, Dec 23: The Kuwait Institute for Scientific Research (KISR) has completed an innovative research project titled, “Developing Performance Features for Using Integrated Solar-Powered Air-Gap Membrane Distillation Technology for Desalination of Seawater in Kuwait.” This project focused on developing and testing a solar-powered air-gap membrane distillation system for seawater desalination. A test unit was installed at the KISR-affiliated desalination research station, equipped for experimental purposes. Led by scientific researchers Dr. Garudachari Bhadrachari and Dr. Mansour Ahmed, alongside the director of the Water Desalination Technologies Program at the Water Research Center affiliated with KISR; the project includes the assessment of the technology’s performance under real-world conditions in Kuwait. The system utilized Arabian Gulf seawater as feedwater for the pilot unit. The project met its objectives by establishing a comprehensive knowledge base on the performance of the pilot unit under realistic operating conditions. Experimental results demonstrated that the membrane distillation system could produce 23.42 liters of fresh water per day. Furthermore, a conceptual design for large-scale production was developed, using the experimental results along with mathematical modeling and simulations to evaluate the technical and economic feasibility of scaling the technology at various operating capacities. The system offers several social and economic benefits; such as the development of local expertise, enhanced water security, and reduced environmental impacts. It is especially well-suited for remote areas and can be scaled up to meet growing water demands. The researchers recommended further pilot-scale testing of the technology in conjunction with renewable energy and waste heat recovery to reduce energy consumption. The technology demonstrated promising results in reducing blockages, salt deposits and corrosion; which can extend the life of membranes and reduce the need for chemical additives compared to traditional reverse osmosis systems. By Abdulrahman Al-Shammari Al-Seyassah/Arab Times Staff
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